The financial sector is integral for the growth and prosperity of the European market. However, in order for this prosperity to best benefit society and remain robust, there is a need for regulations and practices that will allow financial institutions enough freedom to sucessfully operate their business.
Due to the information asymetry intrinsic in the financial sector, the financial market is unable to self regulate, and thus needs regulation that focuses on sustainable growth and transparent conduct. The banking industry has changed extensively over the past decade and regulation has not always succeeded in keeping up. This was one of the causes of the global financial crisis of 2007-09, which not only hampered growth, but also shattered lives.
To ensure a fair system, we believe that there is a need of cooperation within the industry. Thus, rather than take a polemic position, Glass District works together with financial institutions, regulators, consumer organizations and decision makers in order to help formulate and spread best practices in the European Union.